★ 4.9
from 180 reviews on Trustist
Refinance Mortgage UK
Looking to refinance your mortgage? If your fixed deal is ending, see whether a product switch with your current lender or a full remortgage to a new lender gets you the better rate for 2026 – whole-of-market, compared side by side.
5.04%
5.02%
4%
The average 5-year fix is currently 5.02% and the average 2-year fix is 5.04%, with the Bank of England base rate at 4%. Tracker deals are priced as base rate plus the lender’s margin, typically 0.5–1.5 percentage points. Rates change weekly — we check live pricing against your profile before you commit to anything. Figures as of 5 November 2026.
What changes in 2026, and which route suits you
When your deal ends you have two ways to refinance your mortgage: stay with your lender on a product switch, or move to a new lender with a full remortgage. The right call depends on your rate, your equity, and how your circumstances have changed.
Product switch
Stay with your current lender
- ✓No new affordability check in most cases
- ✓Usually faster — days, not weeks
- ✓No legal work or valuation needed
Full remortgage
Move to a new lender
- ✓Access the whole market, not one lender’s book
- ✓Release equity or change your loan term
- ✓Better overpayment flexibility on some deals
How to refinance a mortgage, step by step
Check the market
Lenders typically let you lock in a new rate up to six months before your current deal ends, so you’re never left drifting onto a standard variable rate.
Apply
We submit the application and handle the lender’s documentation requests.
Valuation
The new lender values the property to confirm your loan-to-value.
Mortgage offer
A formal offer is issued once underwriting is complete.
Legal work
Solicitors handle the redemption of your old mortgage and the new charge.
Completion
Funds move and your new mortgage begins. Typically four to eight weeks in total.
See what you could pay today
Run the numbers in under 2 minutes — no credit check, no obligation.
Why homeowners remortgage
Fixed vs tracker
Your rate is set for a term — commonly two to five years, with longer options available. Payments stay the same regardless of what the Bank of England does.
Your rate follows the Bank of England base rate plus a set margin — payments move with it, in either direction.
Fixed terms commonly run two to five years, but 10-year fixes are becoming more common and some lenders now go up to 40 years. Shortening your term clears the debt faster but raises your monthly payment; extending it does the opposite.
Working out whether it’s worth it
Before you refinance, weigh any early repayment charge against what you will save. We run this calculation for you before you commit to anything.
Early repayment charges typically start at 5% of your balance and step down by one percentage point a year. On a £250,000 mortgage in year one of a five-year fix, that’s £12,500 — falling to £2,500 by year five. Check your offer document for your exact schedule.
Ready to see if switching is worth it?
Get a live, personalised quote based on your actual numbers.
When it makes sense to refinance – and when it does not
Timing and cost decide whether a refinance pays off. Our article on when it makes sense to refinance your mortgage covers how soon you can switch, which costs matter and the cases where staying put wins. To test your own figures, use the refinance mortgage calculator.
- Your current deal is ending within six months
- Your home’s value or your income has improved
- You need to release equity for a specific purpose
- A large early repayment charge outweighs the saving
- You plan to sell or move within the next year
- Your circumstances have made borrowing harder, not easier
What sets your remortgage rate
Missed payments or defaults narrow the lenders willing to offer.
More equity in the property unlocks sharper rate bands.
Income, outgoings and existing debt shape what’s offered.
Non-standard construction or leasehold terms can limit lenders.
Buy-to-let remortgages
Lenders stress-test against rental income rather than your personal salary, so the numbers that matter are different from a residential case.
Self-employed remortgages
Expect to provide two to three years of accounts or tax returns — we match you to lenders that work well with your income pattern.
Why choose UK Mortgage Broker
We compare across the market rather than one lender’s own book of deals.
Save £499 on your switch, or we’ll do it for free.
Frequently Asked Questions
When can I remortgage?
You can start about six months before your current deal ends.
Most lenders let you lock in a new rate ahead of time, so you move onto it the day your fixed term finishes rather than drifting onto a standard variable rate.
What is the difference between a remortgage and a product transfer?
A product transfer keeps you with your current lender, while a remortgage moves you to a new one.
A product transfer usually needs no new affordability check and little paperwork. A remortgage gives you access to the whole market, but involves a fresh application, valuation and legal work.
How much does remortgaging cost?
Typically an arrangement fee of £500–£999 plus legal costs of £200–£500.
If you are leaving your current deal early, you may also face an early repayment charge, usually starting around 5% of your balance and stepping down each year.
Can I remortgage with bad credit?
Yes, though your options are more limited.
Specialist lenders consider applicants with missed payments, defaults or CCJs, usually at a higher rate. As a whole-of-market broker we can check specialist lenders alongside mainstream ones for your circumstances.
Is it difficult to switch lenders?
Not usually, because we handle the application and liaise with solicitors for you.
You will still need to pass a fresh affordability check and credit search, and the new lender will value your property.
How long does the whole process take?
Most remortgages complete in four to eight weeks from application to completion.
Leasehold properties or more complex cases can take longer. We recommend starting the process around six months before your current deal ends.
Is refinancing a mortgage the same as remortgaging?
Yes, in the UK the two terms are used for the same thing.
To refinance a mortgage means to replace your current deal with a new one, either with a new lender, which is a remortgage, or with your current lender, which is a product switch or product transfer. The aim is usually a better rate, a different term or access to some of the equity in your home.
Talk to a whole-of-market broker today
Call +44 1628 969 500 or email us — there’s no cost to find out what you could save.
Your home may be repossessed if you do not keep up repayments on your mortgage.